Sensung Tsai, et al. v. Immunomedics, Inc., et al.

Immunomedics (IMMU) agreed to pay $4 million to settle a securities class action lawsuit.

The Complaint alleged that the Company and its Leaders made false and/or misleading statements and/or failed to disclose that:

• the abstract for IMMU-132 that Immunomedics submitted to the American Society of Clinical Oncology (“ASCO”) for presentation at the 2016 ASCO Annual Meeting contained previously disclosed results from a mid-stage study;

• Immunomedics had misrepresented to ASCO that its abstract for IMMU-132 contained only updated and previously undisclosed data;

• the foregoing misrepresentation was a violation of ASCO policy and made Immunomedics’ IMMU-132 presentation subject to removal from the 2016 ASCO Annual Meeting schedule.

Immunomedics (IMMU) agreed to settle with investors to avoid further litigation.